A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with
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Question:
A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $70,000. The entry to record this exchange is:
- Land account debit 70000
- Common stock account credit 50000
- Paid in capital account credit 20000
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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